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2015 (12) TMI 1622 - AT - Income TaxDeduction u/s 80IB(10) - Held that:- The Tribunal in the case of assessee for assessment year 2007-08 [2013 (2) TMI 289 - ITAT MUMBAI] identically, deliberated upon the issue and finally held that the assessee is eligible for deduction u/s 80IB(10) of the Act. No contrary facts were brought to our notice by either side in respect of development project carried out in Dharavi Slum Area. Following the aforesaid decision of the Tribunal wherein, the circular of the Board Regulation no. 33(10) of DC rules for Greater Mumbai, 1991, read with provision of notification no. PB-4391/4080(A)/UD-II(ROP)dt. 03/06/1992 along with conditions therein, Notification no. 2 of 2011, dated 05/01/2011, issued by CBDT, decision from Hon’ble Apex Court in CIT vs. Alom Extrusion Ltd.(2009 (11) TMI 27 - SUPREME COURT) and Allied Motors P. Ltd. vs. CIT (1997 (3) TMI 9 - SUPREME Court), were considered, thus, we find no infirmity, on this issue, in the order of the Ld.CIT(A). It is affirmed. - Decided in favour of assessee Eligible for deduction u/s 80 IB(10) - Disallowance to rent expenses - assessee paid rent to close relatives and did not produced the details of the premises taken on rent, purpose of utilization of the premises for business purposes and genuineness of the transaction - Held that:- Even if, the said expenses are disallowed, the assessee is eligible for deduction u/s 80 IB(10) on enhanced income for the project as the said expenses worked laid against the income from the eligible project by placing reliance upon the decision in Liberty India Ltd. (2009 (8) TMI 63 - SUPREME COURT) wherein held that the devices adopted to reduced on inflate the profits of eligible business has to be rejected while calculating deduction u/s 80IB. As that during assessment proceeding the details of payment of rent of ₹ 1,20,00/- is to Shri. Amit Ringshia and Shri. Aditya Ringshia, with respect to Andheri office premises and ₹ 1,80,000/- to Shri. K.G. Ringshia (HUF) for our office premises in Vile-Parle were filed by the assessee. The payment of rent was duly authenticated by relevant documents. No Contrary decision or facts were brought to our notice by either side and more specifically the Revenue. Thus, we find on infirmity in the conclusion drawn by the Ld. CIT (A) in deleting the addition .- Decided in favour of assessee
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